CANNABIS PACKAGING MARKET: OVERVIEW

The Cannabis Packaging Market was valued at USD 2.90 Billion in 2021, the market is projected to grow USD 11.80 Billion in 2030, at a CAGR of 29.60%. Packaging and labelling regulations are a significant component of cannabis control measures in legal markets. In some countries have legalized non-medical cannabis, it is compulsory for cannabis products to display product information such as cannabinoid concentrations and quantity and a universal symbol indicating that the product contains cannabis or tetrahydrocannabinol (THC), and must use opaque and/or child-resistant packaging. Customers are more likely to choose one cannabis or CBD product over another if the packaging is appealing and high-quality. When compared to neutral packaging, both unattractive and attractive packaging cause less activity in areas of the brain responsible for reflective contemplation. Attractive packaging elicited reward responses in the brain, but unattractive packaging elicited negative emotion-related responses.
 

COVID-19 ANALYSIS

COVID-19 has clearly had an impact on numerous businesses around the world. Many businesses have terminated their work cultures. The cannabis packaging equipment sector has not been spared by the COVID-19 pandemic. Prior to the epidemic, the market was seeing rapid growth, which has been stifled by stricter regulations and lockdowns. The cannabis packaging equipment industry was severely impacted by the pandemic, as product demand plummeted globally, but it is likely to recover quickly as restrictions are relaxed around the world. The Cannabis industry represents one of the most rapidly changing packaging landscapes among the pharmaceutical, nutraceutical and food sectors. With many advertising restrictions, marijuana packaging remains as one of the best ways to attract the attention of consumers. It can be used to promote health benefits and distinguish brands.
 

CANNABIS PACKAGING MARKET: TREND

An Innovation of New Product Varieties

Cannabis and CBD products' packaging is crucial to their regulatory approval and effective use. Packaging regulations cover a wide range of requirements, including all-white packaging, size restrictions, surface finishes or opacities, tax stamps, and a variety of label claims and warnings. In many circumstances, such as FDA recommendations on the use of CBD in food and beverage, the standards may be ambiguous and inconclusive. These stumbling hurdles, on the other hand, can provide doors for firms who successfully innovate and comply. In just five years, the cannabis industry's packaging has changed dramatically. For the development of new CR packaging to satisfy the needs of the cannabis market, today is the most innovative period in history. Edibles, vape items, and pre-roll joints are no longer need to be packaged in pill bottles. The first design input that must be addressed is the CR requirement. To cover a wide range of cannabis goods, other design factors to consider are size and shape. The advancement in the products varieties may drive the cannabis packaging market in the forecast period.
 

CANNABIS PACKAGING MARKET: DRIVERS

Increasing Consumption of Cannabis Drive Market Growth

Cannabis packaging has two main functions: one is to protect the cannabis items inside, and the other is to brand the product. Packaging firms are expanding and improving their packaging processes as the popularity of cannabis-infused chocolates, cannabis-infused butter, and other health and wellness products grows. This shows to be a huge potential as cannabis packaging equipment makers approach the market with new, imaginative, and customized designs in order to acquire dominance in the global market. In recent years, the cannabis market has grown considerably. Revenue streams are growing at a faster rate as a result of consumer demand. Some people may be shocked to find that medicinal marijuana is anticipated to outperform recreational marijuana in terms of income. Alternative cannabis products such as concentrates, edibles, and vaped oils have become increasingly popular in jurisdictions where cannabis is legal in North America.
 

Marijuana-related medical emergencies have also increased. Nearly 456,000 drug-related emergency department visits in the United States were reported in the medical record, according to the Drug Abuse Warning Network (DAWN), a system for tracking the health impacts of substances (a 21 percent increase over 2009). Men made up two-thirds of the cases, and 13% were between the ages of 12 and 17. The future growth of medicinal cannabis markets will be determined by the outcome of each state's legalization legislation
 

CANNABIS PACKAGING MARKET: RESTRAIN

Complex Regulatory Challenges Hamper Market Growth

One of the most prevalent challenges faced by many cannabis packaging businesses is compliance with child-resistant (CR) packaging regulations. Cannabis product packaging must be strong enough that a child cannot open it on their own, according to rules. Combining sustainability and safety, on the other hand, is tough. Medical cannabis packaging guidelines and regulations set by state agencies must be followed by businesses entering the cannabis industry.
 

CANNABIS PACKAGING MARKET: SEGMENTATION

The global Cannabis Packaging Market is segmented by Type, Application and Region. Based on the type the market is characterized into the Rigid Packaging, Flexible Packaging, and Semi-Rigid Packaging. Based on the Application market is characterized into the Food, Tea and Hemp Juice, Hemp Fiber, Hemp Sacks, Ropes, and Canvas. Based on the region market is characterized into the Region North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
 

SEGMENTATION: BY REGION

Based on the Region, the Global Cannabis Packaging Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
 

North America region is dominating share of the global Cannabis Packaging market due to the increasing consumption of cannabis in the North America. The increase in the variety of products and government legalization on it drive the cannabis packaging market in the North America. The government has begun the process of legalizing the product for recreational use, which has increased demand for cannabis packaging for recreational use. The recreational use of cannabis refers to the legalization of cannabis products for personal enjoyment rather than for medicinal purposes for adults. Cannabis packaging is used for dry forms of marijuana, a shredded green and brown mix of flowers, leaves, stems, and seeds, in recreational use.
 

CANNABIS PACKAGING MARKET: KEY PLAYERS

• Cannaline Custom Packaging Solutions
• Green Rush Packaging
• Grow Cargo
• KushCo Holdings Inc.
• Kaya Cannabis
• Sana Packaging
• Oceanworks Inc.
• Cannabis Promotions
• MMC Depot
• Others

CANNABIS PACKAGING MARKET: RECENT DEVELOPMENT

• September 2021- Green Rush Packaging has made Grip' N Lock cannabis boxes available. These boxes are available in standard small and large sizes, with the option for the customer to have them customized. Green Rush Packaging Grip' N Lock cannabis storage boxes are also 16 CFR 1700 certified. Gloss box finishes add water resistance to the packaging and keep the print designs from fading.
• April 2021- Cannaline has introduced new C-Class Jars. These jars are shorter and wider than previous models from the company, making them easier to stack and store. Customers can purchase these C-Class jars in a variety of sizes ranging from 2oz to 5oz, and they are available in matte black, matte white, and clear jars with matte or glossy black and matte or glossy white lids.

CANNABIS PACKAGING MARKET: REPORT OVERVIEW

The scope of the report includes a detailed study of regional markets for Global Cannabis Packaging Market. The Global Cannabis Packaging Market is segmented by Type, Application, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Cannabis Packaging Market.